Friday, August 14, 2009

I Think Therefore I'm.... Single :)

Disclaimer: The following piece of literature is a satire and an attempted application of MBA concepts to real-world. The author is not responsible for feuds resulting or arising out of the text though he would be interested in knowing about them ;)Disclaimer 2: The analysis is believed to be gender independent and universally applicable :)The ‘product’: Depending on the consumer characteristics, the product can be high involvement product or a low involvement product. It may not be generalised but the product’s use as FMCG is not socially desirable. Thus, for the purpose of simplification of analysis, we shall assume the product is a high-involvement product and is intended to be used as a consumer durable. The product has a high-maintenance cost associated but the perceived lifetime value is higher than the costs involved. Thus, the product has a high aspirational value.The ‘purchase’: The purchase decision is generally non-impulse though the primary point of contact with the product has a high impact on the final purchase. The purchase can involve extended information search. Alternative evaluation, though, is restricted, often by the terms and conditions mentioned by the product. To meet the alternative evaluation requirements the consumer often observes flanking brands to be satisfied of the genuine advantages of the evoked set. General consumers like to try the product before deciding the purchase. Only surrogate attributes are used for evaluation during trial. The trial period can involve high monetary, emotional and temporal costs. Elimination-by-aspects is the general rule used for final decision. Sometimes, consumers do trade-off important attributes for the less important ones and thus actually use compensatory decision rule in conjunction with elimination-by-aspects. In many cases, the product is deemed faulty and discarded without any damages sought. Packaging has a high impact on the purchase decision. The consumer seeks out the product and hence the place dimension of the product mix is insignificant at the point of contact. However, for all further decisions, proximity is a highly desirable trait. Group impact on decision-making is very high and co-branding strategies are often successful.Post-Purchase: Post-purchase dissonance is often delayed and not instantaneous. Display of post-purchase dissonance is restricted. Consumption guilt is often absent. Disposability of the product is very low. Hence, in cases where post-purchase dissonance or consumption guilt exists, the product is put to a no-use state before being slowly discarded. The duration of the no-use phase before disposal (and replacement) is highly dependent on attribution. Depending on the individual consumer, the product may sometimes be replaced immediately with a new one but more often than not, the second purchase is characterised by a prolonged period of analysis of previous use, and an in-depth study of the consideration set elements for making the second purchase.MMMP.S.: Go Ahead, Guess the product :)Disclaimer 3: The author has limited knowledge of the product. The analysis performed is based on secondary data.Credits shared by: @ng, Kutti